The board of directors of Bajaj Finance on Tuesday approved the issue of securities for an aggregate amount of up to ₹1,400 crore through qualified institutions placement. The board also approved preferential issue of up to 9.25 lakh warrants convertible into an equivalent number of equity shares to Bajaj Finserv, the promoter. The board has convened an extraordinary general meeting of the shareholders on May 20 to consider these proposals.
Shares of Bajaj Finance closed at ₹4,365 on the BSE, down 4.25 per cent against the previous day's close.